Riedel Resources Limited (ASX:RIE) has commenced reverse circulation (RC) drill programme at its Kingman Gold Project in Arizona, USA.
It is part of Riedel’s programme to a maiden Mineral Resource Estimate (MRE) for the project by end of 2023.
Contract driller Harris Exploration is undertaking the programme.
Riedel has defined mineralization over approximately 600m strike length at Tintic, with previous drilling returning high-grade intersections located close to surface including:
- 3.8m @98.9 g/t gold & 151g/t silver from 20.6m
- 1.5m @39.3 g/t gold & 323g/t silver from 37.3m
- 4.6m @12.43 g/t Au, 52g/t silver from 45m
- 3.8m @18.1 g/t Au, 201g/t silver from 85.4m
- 5.5m @12.4 g/t Au, 105g/t silver from 16.76m
- 4.6m @8.39 g/t gold & 39g/t silver from 100.6m 5.3m @18.1g/t gold & 24g/t silver from 23.6m.
“It’s a great feeling to have drilling underway at Kingman with the team’s initial focus on drilling our most advanced and highest-grade gold and silver prospect, Tintic,” CEO, David Groombridge, said.
“Drilling is designed to infill and expand the current extents of mineralization with results to deliver a maiden Mineral Resource Estimate by end of 2023. Drilling will also test extensions to the high grade Tintic structure, both north and south, with several exciting targets.
“We are fully funded to complete the drill programme following our recently completed $2.5M share placement with additional funds to come from our share purchase plan that is due to close on 13 June. We expect first assay results from the programme in August with assay results news flow from the 7,000m drill program to continue thereafter as we progress toward our maiden MRE.”
Project Background
The Kingman Project is located in north-west Arizona, USA, approximately 90 minutes’ drive from downtown Las Vegas.
The project area was mined predominantly for high-grade gold and silver from the 1880s until the early 1940s – which coincided with the outbreak of WWII.
Following limited drilling near Tintic in the 1990’s, 11 diamond holes were drilled on the property in late 2019 which intersected multiple zones of high-grade gold, silver and lead from shallow depths, confirming the extensive mineralization potential of the area.
In 2021, Riedel completed more than 9,000m of RC at Tintic with another 20 diamond holes in 2022.
For further information please visit: https://www.riedelresources.com.au/
